x iCloudX QNorfolk S X Q CIS Test x b Answerec XQ Week 6 - x Paraphras XAccounti XBLOG 315 X +Assignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator=&inprogress-falseUnEmma Co. sold to Isabella Co. merchandise on account FOB shipping point, 2/10, net 30, for $8,100. Emma Co. prepaid the $770 shipping charge. Using the perpetual inventorymethod, which of the following entries will Isabella Co. make to record the payment for the merchandise if Isabella Co. pays within the discount period?Oa. Accounts Payable-Emma Co., debit $8,708; Cash, credit S8,708Ob. Accounts Payable-Emma Co., debit $8,100; Freight In, debit S770; Cash, credit S8,870Oc. Accounts Payable-Emma Co., debit $8,870; Merchandise Inventory, debit $162; Cash, credit $9,032Od. Accounts Payable-Emma Co., debit $8,100; Cash, credit $8,100

Discount on payment = Purchase value x discount rate = 8100*2% = 162

Answered: Emma Co. sold to Isabella Co.…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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